Life Insurance
Term Life Insurance
The most affordable way to get a large amount of coverage for the years your family depends on your income most.
At a glance
- Coverage lasts
- 10 to 30 years
- Typical amounts
- $100,000 and up
- Medical exam
- Often not required
- Cash value
- None
- Premiums
- Fixed for the term
How it works
You choose a coverage amount and a length, such as 10, 20, or 30 years. Your premium stays the same for that whole period.
If you pass away during the term, your beneficiaries receive the full death benefit, generally free of income tax. If you outlive the term, coverage ends or can be renewed at a higher price.
Many term policies can be converted to permanent coverage later without a new medical exam.
Who it's for
- Parents raising children
- Homeowners with a mortgage
- Anyone whose family relies on their paycheck
- People who want the most coverage for the lowest price
Good to know
- Term life costs the least per dollar of coverage because it doesn't build cash value.
- Many people can get approved without a medical exam, depending on age, health, and coverage amount.
- Coverage through work usually ends when you leave the job. A personal term policy stays with you.
- Some policies include living benefits that let you use part of the benefit if you're diagnosed with a terminal, chronic, or critical illness.
Ready to talk it through?
Book a free 15-minute call by phone or video. No obligation and no pressure.